The market currently expects the first Bitcoin spot ETF to be approved in January next year. Michael Saylor, co-founder and CEO of MicroStrategy, a dominant Bitcoin company, stated today that the Bitcoin spot ETF is the most important development on Wall Street in the past 30 years, and its significance should not be underestimated.
(Previous summary:
Founder of Galaxy Digital: SEC expected to approve Bitcoin spot ETF before January 10th.)
(Background supplement:
Contrary to the SEC: Grayscale requests “in-kind redemption” for GBTC, all Bitcoin spot ETFs should be approved simultaneously.)
More than 10 institutions, including BlackRock and Fidelity, have submitted applications for Bitcoin spot ETFs to the U.S. Securities and Exchange Commission (SEC). It is expected that the first ETF will be approved in January next year. In an interview with Bloomberg today, Michael Saylor, co-founder and CEO of MicroStrategy, emphasized the importance of the upcoming listing of Bitcoin spot ETFs and warned the market not to underestimate it.
Michael Saylor believes that this may be the most significant development on Wall Street in the past 30 years. The last comparable product was the S&P 500 Index ETF, which allowed investors to gain exposure to the index with the press of a button. According to Michael Saylor, mainstream investors, both individuals and institutions, have not had a “high-bandwidth” compliant channel to invest in Bitcoin until now. However, this will change with the introduction of spot ETFs. This new tool will impact the demand for Bitcoin, followed by a supply shock in April next year due to the Bitcoin halving event.
In Michael Saylor’s view, all of this indicates that Bitcoin will experience a bull market next year, but he refuses to speculate on how high the Bitcoin price will go.
MicroStrategy’s stock is usually seen as a substitute for Bitcoin ETFs, attracting investors who speculate on whether the introduction of a real Bitcoin spot ETF will lead investors to abandon MicroStrategy and turn to spot ETFs. In response, Michael Saylor stated that MicroStrategy is a self-owned company that can increase its holdings using its cash flow or “intelligent leverage,” and unlike ETFs, holding MicroStrategy stock does not incur management fees.
Galaxy Digital expects ETF approval before January 10th next year.
It is worth noting that Mike Novogratz, founder of Galaxy Digital, recently estimated that the Bitcoin spot ETF will be approved before January 10th next year, which is the SEC’s approval deadline before getting entangled in the Grayscale lawsuit. After that, it may take six to eight weeks to officially start trading.
Jan Van Eck, CEO of VanEck, another asset management giant that has submitted an application for a Bitcoin spot ETF, stated last week that he believes Bitcoin will reach a new all-time high within 12 months, and all Bitcoin spot ETFs will be approved for listing by the SEC, similar to Ethereum futures ETF.
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Related reports:
BlackRock succumbs to SEC and adopts “cash redemption,” updates Bitcoin spot ETF code IBIT.
SEC further delays Grayscale, Hashdex… 4 Ethereum spot ETF applications, Bloomberg analysts: The key point is May next year.
Wall Street giant VanEck predicts, “Bitcoin will reach a new all-time high within a year”! All BTC spot ETF applications will be approved together.
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Michael Saylor
MicroStrategy
Bitcoin
Bitcoin spot ETF